Bank profits from customers’ reluctance to shift savings into higher interest accounts as well as lower bad loan provisions
Myles O'Grady, chief executive of Bank of Ireland: 'The group had an excellent performance in the first half of 2024'. Photograph Nick Bradshaw
Bank of Ireland’s prior forecast had been on expectations that the ECB would cut its deposit rate from 4 per cent to 2.75 per cent over the course of 2024. Financial markets currently estimate it will end the year at about 3.25 per cent. Bank of Ireland has €28 billion of surplus cash sitting in the Central Bank, almost all of it earning the official ECB rate, which currently stands at 3.75 per cent.
“The group had an excellent performance in the first half of 2024, reporting a profit of €1.1 billion, up 5 per cent,” said chief executive Myles O’Grady. “This performance – underpinned by growth in our loan book and wealth assets, higher income and robust capital generation – supports upgraded earnings guidance for the year.”
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